The Supreme Court’s verdict on Friday upholding the position of the Tatas brought the curtains down on one of the ugliest corporate wars in India. It was no doubt a comprehensive victory for the Tata group, as the court allowed all its appeals and upheld the right of a majority shareholder to make appointments to key managerial and leadership positions. The apex court’s scathing criticism of the Mistrys should be music to the ears of the Tatas. Among other things, the court accused Cyrus Mistry of “trying to set his own house on fire” as Tata Sons chairman and observed that such a person “does not deserve to continue as part of any decision-making body”. That there is enough merit in the judgment is evident from the court’s observation that the accusation of oppression of minority shareholders does not hold water in this case. That’s because Mr Mistry, a representative of the SP group with a little over 18 per cent stake, moved up to the topmost position within six years of his induction into the board. However, the best part of the judgment was that it put an end to the possibility of disruption and dysfunction in one of the country’s largest business groups.
TO READ THE FULL STORY, SUBSCRIBE NOW NOW AT JUST RS 249 A MONTH.
Already a premium subscriber? LOGIN NOW
What you get on Business Standard Premium?
- Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
- Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
- Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
- Pick your 5 favourite companies, get a daily email with all news updates on them.
- 26 years of website archives.
- Preferential invites to Business Standard events.
Subscribe to Business Standard Premium
Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!
First Published: Sun, March 28 2021. 23:16 IST